Private equity firm Carlyle Group has reportedly agreed to acquire a 30% stake in Quest Global, a leading provider of engineering and IT services, for $500 million and facilitating exits for Bain Capital and Advent International.
The deal values Quest Global at $1.67 billion.
The company’s existing shareholders, including its founders, will retain the remaining 70% stake.
Carlyle said it would use the stake to help Quest Global expand its global footprint and accelerate its growth.
The company plans to invest in Quest Global’s sales and marketing capabilities, as well as its product development and innovation initiatives.
Quest Global is headquartered in Bangalore, India, and has offices in over 25 countries.
The company provides engineering, IT, and consulting services to a wide range of industries, including aerospace and defense, automotive, energy, and telecommunications.Quest Global has been growing rapidly in recent years.
The company’s revenue grew by 20% in the fiscal year 2022, and its net profit grew by 30%. Carlyle said it was attracted to Quest Global’s strong growth prospects and its leadership position in the engineering and IT services market.
The deal is expected to close in the fourth quarter of 2023.
